product is a retail Islamic finance based on Murabaha concept, which is
implemented by Wakala, to provide customers with the finances needed to cover
their different needs ( building, construction, and renovation supplies, as
well as any household or personal necessities that are not covered by retail
Islamic banking products, and that's in
all cases in which a price
quotation cannot be obtained (For instance: Sanitary ware / Ceramics / Paints /
Medical and therapeutic supplies / Club subscriptions / Car maintenance / Home
renovation / Wedding parties / Insurance fees / and any other needs compliant
with Islamic Shariah Law upon the customer's request).
Murabaha is provided through the following financing programs:
Employees with an undertaking from the employer to transfer
the salary/monthly installment.
Employees with an income proof.
Free Lancers and business owners with income proof.
Owners of savings accounts (Egyptians/foreigners).
conditions for Wakala Murabaha:
Competitive rate of return
The minimum age is 21 years old and the maximum age is 65
years old at the date of maturity of the Murabaha (on the condition that the
maturity date is not after the employee’s end-of-service date)
The maximum value of the Murabaha amounts up to 5 million EGP.
The maximum funding rate is 100% of the product/service price.
The maximum duration of the Murabaha is 60 months.
Application form for Wakala
Valid copy of National ID.
Statement of supplies/services/equipments to be covered by
Original utility bills (gas/electricity/water/telephone) from
the past 3 months (not required for Deposit guarantee).
Statement of monthly salary.
Undertaking from employer to transfer salary/monthly
Lancers and business owners
Copy of tax card
An official certificate from the Commercial Registry for
commercial and industrial activities
License to practice the profession for self-employed persons
Certificate from a Central Bank accredited accountant, income
statement from the Tax Authority or bank statement covering the last six months
Compliance with the provisions of Islamic Shariah and under
the supervision of a legitimate committee.
Government or private sector employees are not required to
transfer salaries or installments (Employees with an income proof program).
Free insurance policy against death and disability risks
throughout the Murabaha period.